First Federal Lakewood (OH) Has Money Market Promo Rate, 2.68% APY

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UPDATE 3/11/2019: The promotional rate is no longer available.

Deal Summary: Select Money Market, promotional 2.68% APY, one-year rate guarantee, $25k min/$1m max, new accounts, new money required for opening deposit.

Availability: Ohio

First Federal Lakewood (FFL) is currently offering a promotional 2.68% APY on new Select Money Market Accounts, with a one-year rate guarantee. The minimum opening deposit is $25k of new money, defined as funds “not currently on deposit with First Federal Lakewood.” There is a $1m deposit limit per household.

Promotional Rate Details

  • Only one promotional rate per household.
  • $25k minimum balance required to earn the promotional 2.68% APY.
  • There is a $15 monthly service fee that can be waived if a $25k minimum average daily balance is maintained.
  • There is a $5 fee for each transfer beyond the first six fee-free transfers during a statement cycle.
  • Check writing is available, with a $500 minimum per check.
  • If the account is closed within the first 365 days, a $50 Early Closeout Fee may be assessed.
  • After 365 days, all rate tiers will revert to the APYs being offered on the regular Select Money Market Account at that time.

It’s important to note that the current Select Money Market rates are low – the top-tier rate is only 0.45% APY ($100k minimum). It’s quite likely that the rate(s) will be substantially lower following the twelve-month rate guarantee period. Caveat emptor.

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Thanks to DA reader, DirtFarmer, for his Forum post about Select Money Market promotional rate.

Availability

Headquartered in Lakewood, Ohio, First Federal Lakewood offers it services and product line to all residents of Ohio, 18 years or older.

Opening a Money Market Account can be done online, or at any of the 18 northeast Ohio branches located in Avon, Avon Lake, Brunswick, Chagrin Falls, Cleveland, Fairview Park, Garfield Heights, Lakewood, North Ridgeville, North Olmsted, North Royalton, Olmsted Falls, Painesville, Parma, Rocky River, Strongsville, and Westlake (2).

Bank Overview

First Federal Lakewood has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.41% (excellent) based on December 31, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $133.94 million, an excellent annual growth rate of 9.89%. Please refer to our financial overview of First Federal Lakewood (FDIC Certificate # 29488) for more details.

Founded in 1935 as the First Federal Savings and Loan Association, First Federal Lakewood is Ohio’s largest independent depositor-owned bank, with assets in excess of $1.9 billion. Almost four years ago, the Bank reorganized as a mutual holding company structure. According to a PR Newswire article,

This structure is expected to facilitate diversification, including the possible affiliation with smaller mutual banks. The mutual holding company structure will also provide a platform to capitalize on the bank's financial strength and success, and offer First Federal Lakewood significant long-term operating efficiencies and increased competitiveness.

How the Select Money Market Promo Compares

When compared to the 344 Money Market Accounts tracked by DepositAccounts.com that are available to residents of Ohio, First Federal Lakewood's Select Money Market promotional APY currently ranks first.

The above rates are accurate as of 3/9/2019.

To look for the best MMA rates, nationwide and state specific, please refer to our Money Market Account Rates Table page.

Related Pages: Cleveland money market accounts, money market accounts

Comments
aremesbo
aremesbo   |     |   Comment #1
According to customer service rep, this rate ended and all the signs in the branch advertising the rate were taken down this past Friday, 3/8. Unexpected, since the rate is still posted on the promotional offer website for the bank. If you can still get that rate for a year, terrific, but we were told it was gone.
RJM
RJM   |     |   Comment #2
I think some of these banks catch flack from others. You would think with 18 branches and a $25k minimum that they would not have been overwhelmed. Maybe they got a few multi-million dollar deposits and decided that was enough?

Not in my area and I won't have $25k until next week. I am desperate for something like the now dead Hyperion CDs but its looking like I may have to be patient and earn 2.50% while I wait.

Im going from Keesler to Fidelity via free wire and then snail mailing a check to Northern. And from Northern to my next designation which is unknown right now. Shared branch or snail mail probably.
On large amounts I don't like to do ACH and lose a day or 2 or 3s interest.
First Federal Lakewood (OH) Adds Select Money Market
Deal Summary: Select Money Market, 2.53% APY, new money for opening deposit, 365 day rate guarantee, $10k min/$1m max.

Availability: Northeast Ohio

Now through December 31, 2018, First Federal Lakewood (FFL) is offering a 2.53% APY on its Select Money Market account, with a one-year rate guarantee. The minimum opening deposit is $10k of new money, with a balance cap of $1m per household. The APY for balances greater than $1m is 0.45% APY, with balances of less than $10k earning 0.05% APY during the one-year guarantee period....

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First Federal Lakewood (OH) Money Market 1 Year Guarantee
Deal Summary: Select Money Market, 1.28% APY, new money for opening deposit, one year rate guarantee, $1k min/$1m max, checking relationship required.

Availability: Ohio

Now through July 31, 2017, First Federal Lakewood (FFL) is offering a one-year guaranteed 1.28% APY on its Select Money Market Account. The minimum opening deposit $1k of new money, with a balance cap of $1m. The initial APY for balances greater than $1m is 0.45% APY, with balances less than $1k earning 0.05% APY during the one-year guarantee. On day 366, all rate...

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